A new study conducted by Forbes shows that marketers who invest more than 10% of their working media budgets in marketing performance measurement, or analytics, are three times more likely to exceed their growth plans by 25%. The high performers, who are more likely to invest in campaign attribution tools and marketing mix modeling, also achieve 7.5% better growth outcomes than their peers. This study surveyed CMOs of top corporations around the world and yielded some surprising information: nearly all of the corporations that demonstrated significant growth acknowledged that investing in analytics were a key component of their marketing campaign.
Banner Edge Media is one digital marketing firm that has designed its own proprietary analytics tools to help clients more closely measure the success of their campaigns. “We believe accuracy is the most important thing in a campaign,” said J’enay Henning, Chief Marketing Officer for Banner Edge Media. “That’s why we developed proprietary tools to refine our efforts as much as possible so that results are successfully generated, every time,” she said.
Marketers must also take steps in improving their processes in addition to investing in tools if they expect to benefit from marketing performance management. According to Laura Patterson, president of VisionEdge Marketing and co-producer of the annual MPM survey, “Based on our experience, best-in-class marketers are first investing in implementing MPM guiding principles and processes such as aligning marketing to the business, selecting the right metrics, establishing proper performance targets, and creating the metrics chains that link activities to results. MPM tools are only as good as the processes and data fed into them, so getting the processes and data right before implementing the tools will provide the expected ROI and business results.”
View the entire Forbes report here: https://www.neustar.biz/resources/whitepapers/cmo-survey-marketing-performance-measurement-report